This is a depreciation recapture. However, if taxpayer instead sells the property for $1200, because his recomputed basis is $600, $400 of the gain is taxed as ordinary income and $200 is taxed at the more favorable capital gains tax rate.
The tuition charge is $10,088 while room and board is $8,270, books and supplies are $1,130 and other fees come in at $1,929. Residents of Virginia pay an annual total price of $21,417 to attend Virginia Tech on a full time basis.
Of those that are accepted, around 40% registered for enrollment. Using acceptance rate data from previous years, we can project that the Virginia Tech acceptance rate in 2015 is going to be around 69%. You can get more information from the admissions office website at admiss.vt.edu.